I'm a mechanic, my friend is an electrical engineer. We bought good used washers and dryers (over half worked) we fixed and upgraded the washers in one day. Same with dryers, one day. Anytime something breaks we're qualified and overly capable of fixing everything. Even plumbing and electrical. We made a LOT! Owned everything out right, no repair bills...if I had any advice, learn to fix your own equipment, you'll go from making money to being wealthy
Ever since I started following you on social media, I started to take more notice of Laundrymats in my area...where they are located, the size, how long they have been around, the type of locations - I'm sure you know areas that do well are where there are appartments buildings without laundry rooms for instance....
Even with laundry rooms the rooms might be more expensive than the around the corner places IMO. If I remember correctly my place cost .25¢ or .50¢ more than the SoapandSuds.
Man, I've been told to follow you because i want to do exactly what you do. I've wanted the passive income, but didnt k ow where to start i k ow i wanna do more than just working part time. I have a really good part time job.
@@InvestmentJoy I like the owner financing/leasing it's just coming in with nothing as an option for money down is frustrating. I don't have thousands of dollars laying around. I have a full time job and everything I make goes straight to bills. I have looked into everything possible and no place wants to help or work with my schedule to discuss options.
If those are the gross numbers, what are your expenses so we can see what the net is at the location shown in the video? ~$100k gross projwcted for the year, but interested in net
I have a laundromat that I've been eyeing in my area but Im not sure if its a good price. The laundromat doesn't have a good reputation but I feel like if it gets an owner that cares about the business it could do really good. They're asking for 80k and I'm in Montreal, CA. There isnt any other Laundromats listed in my City so im not sure if this is a good price.
Is this worth it??? the property is going for 130k seller is adjustable. It gross anywhere from 3k-4k depending on the time of the year and here is a list of the utilities and expenses. Gas 400 Edison 350 Adt 55 Water 200 Trash 75 Insurance 141 Rent 1500 1 80lbs Dexter washer 3 60 lbs Dexter washer 5 40lbs Dexter washer 10 30lbs Dexter washer 2 20lbs Dexter washer 10 Dexter dryers Age Varys from 2008 up to 2019
How do you go about starting a new laundromat? We have a area by me without any close and some new construction plazas I think it would be great there just not sure how to go about it
@@InvestmentJoy the wife and I will be going to a suncoast credit union to talk about loan options. We bank there and they’ve always been great so we are giving them the first opportunity. Still gonna go to a few places like you suggested.
I SO want to invest in a carwash or laundromat (or some other similar business). I make good money at my full-time job but I absolutely HATE it. I have monetary resources and an outstanding credit score for additional financing if needed. But, it's a little scary to just leave what I have and take a chance on something that I'm not sure will succeed. I'm 55 and I've been at my current job for a long time but, I want out of that hell-hole!!
I'm not sure if I went into detail on this video but I know I have on others if you've got a decent job I would say start spending time and resources on finding somebody that would be a good business partner that might have some skill sets that you don't personally have right now that would also carry the load. My business partner on my car wash operation works at a nuclear facility, so me being the independent business owner unable to counterbalance the things that he can and cannot do as well as his time availability since he's working through the week.
You are correct. Since the revolution I fear my proper English has gone to the wayside. Only to replaced with grunts and ungodly howls that are similar to a cow being eaten alive by a prehistoric reptile.
@@InvestmentJoy how to tell though? It's unfortunate but lots of places already offer laundry machines. I noticed this laundromat had many machines but one running On a weekend. So I guess it's slow. Might be worth buying and changing it to something else and selling it all off
save your money. If you do not have emergency money and some other savings. I would suggest you do not use that money. But if you have a truck / van and swanky neighbourhood around you. Why not pick up things people throw away. Brandon's brother runs a second hand appliance shop that repairs stuff like washer, dryers , fridges ...
What in your background can be monetized? What needs are in need of being filled in your area. Find a need, fill a need. It took me till I was 43 to figure that out and haven't looked back. Good luck!
@@pauljanicek1872 kinda well said. There was a kid that would get paid to take the bins out on garbage day and put it back. 10-20 bucks a house/month and half his neighborhood which grew later on. It was a convenience that was cheap for people and solved a problem for a lot of people.
I would start off by dollar cost averaging on broad range ETFs that solely invest in S&P 500 type of strategy. Then I would start looking in your community local to you what there is a need of. Maybe it's dumpster rentals maybe it will end up being a laundromat or car wash, maybe it's solar roof power installation all the money in the world is locked up and fulfilling other people's needs. Especially if they're really willing to pay for it
My grandfather owned a grocery store, it is profitable if the location is in a part of town or in a well populated rural area that doesn’t have one. If there is a dollar store, aldis, etc, don’t bother.
Correct but some of these businesses that aren't making money can be easily turned around. In the case of Casey where he was given two laundromats 100% seller finance. The old owner wasn't aware that his nephew was stealing tens of thousands of dollars a year from the business. He fired the nephew and immediately the business made pretty decent money
@@vincentb2175 I've talked about the deal in many videos - but we have a guy down south that got TWO with $0 out of pocket because the owner's nephew was stealing ~$65k from the collections a year, thus the owner thought they were unprofitable. Simple fixes & firing the nephew resulted in ~$125k/yr net quick.
I'm not sure if you're aware of it but I own seven other businesses and of everything social media is kind of in the middle of the income and I have three other businesses that make more money than I do on RUclips and tiktok.
I really hope you guys learn from this video! Do you think you can buy a laundromat?
Yes
Absolutely
What steps you take to protect your property from burglary and theft. Please share your Thoughts sir.
Hey Joy, how can I get in contact with you? I’d like to buy a laundromat and learn how to use my credit/negotiation skills to acquire it.
@@dutcheastindiacompany6939live cam system monitored and channeled to local PD
I'm a mechanic, my friend is an electrical engineer. We bought good used washers and dryers (over half worked) we fixed and upgraded the washers in one day. Same with dryers, one day. Anytime something breaks we're qualified and overly capable of fixing everything. Even plumbing and electrical. We made a LOT! Owned everything out right, no repair bills...if I had any advice, learn to fix your own equipment, you'll go from making money to being wealthy
Just came across your channel. I just paid to get my business started im waiting in the mail for an approval. Im excited!!
Good luck!!
Ever since I started following you on social media, I started to take more notice of Laundrymats in my area...where they are located, the size, how long they have been around, the type of locations - I'm sure you know areas that do well are where there are appartments buildings without laundry rooms for instance....
Even with laundry rooms the rooms might be more expensive than the around the corner places IMO. If I remember correctly my place cost .25¢ or .50¢ more than the SoapandSuds.
I appreciate the information in this video. I've always been interested in purchasing a laundromat, but I've never taken the steps to do so.
Glad it was helpful!
Man, I've been told to follow you because i want to do exactly what you do. I've wanted the passive income, but didnt k ow where to start i k ow i wanna do more than just working part time. I have a really good part time job.
It's coming up with the down payment when your first time business owner. I've been looking into car washes and they asking up to 300,000 +.
So what do you think about the financing methods I gave you in this video
@@InvestmentJoy I like the owner financing/leasing it's just coming in with nothing as an option for money down is frustrating. I don't have thousands of dollars laying around. I have a full time job and everything I make goes straight to bills. I have looked into everything possible and no place wants to help or work with my schedule to discuss options.
Most good laundromats in my area are $900k+.
@@jamisonmunn9215 If they're extremely profitable, and it's possible to get most of it financed, why does the purchase price matter?
@@InvestmentJoy I don't finance anything ever. People pay me interest I don't pay others interest.
Best way is to go SBA financing
Buying a laundromat with no money down? It's like trying to wash clothes without detergent - tricky but possible!
All that change adds up! I heard owning or having shares in a laundry matt is a good place to start investing. Is that true?
Great video brother!
is a laundro mat a good investment. im hector just came to US from mexico and want to work hard for money for my family
Appreciate it!
How in the world did that person use the sellers credit score. I believe you. That just doesn't make sense in my head.
You can write a contract to subordinate under someone else's loan terms.
@@InvestmentJoyGreat information.
@@InvestmentJoyyou mean like a grantor
If those are the gross numbers, what are your expenses so we can see what the net is at the location shown in the video? ~$100k gross projwcted for the year, but interested in net
I have a laundromat that I've been eyeing in my area but Im not sure if its a good price. The laundromat doesn't have a good reputation but I feel like if it gets an owner that cares about the business it could do really good. They're asking for 80k and I'm in Montreal, CA. There isnt any other Laundromats listed in my City so im not sure if this is a good price.
Is this worth it???
the property is going for 130k seller is adjustable. It gross anywhere from 3k-4k depending on the time of the year and here is a list of the utilities and expenses.
Gas 400
Edison 350
Adt 55
Water 200
Trash 75
Insurance 141
Rent 1500
1 80lbs Dexter washer
3 60 lbs Dexter washer
5 40lbs Dexter washer
10 30lbs Dexter washer
2 20lbs Dexter washer
10 Dexter dryers
Age Varys from 2008 up to 2019
How do you go about starting a new laundromat? We have a area by me without any close and some new construction plazas I think it would be great there just not sure how to go about it
I would like to do a video on that at some point it's a lot more effort than just taking a location that needs some work and turning it around
@@InvestmentJoy the wife and I will be going to a suncoast credit union to talk about loan options. We bank there and they’ve always been great so we are giving them the first opportunity. Still gonna go to a few places like you suggested.
It would be cool to see you explore other businesses besides real estate car wash and laundromats that have good cash flow
Working on it
@InvestmentJoy is it worth it to start my own laundromat from scratch?
@@nannybananers Do you think you will have customers? How would they get there?
@@nannybananers
Do you know how to make a profit doing that?
Do a car wash version one
This has really taken off, so now I'm considering it.
@@InvestmentJoy : Would be appropriate & appreciated show us the way Senseii
I SO want to invest in a carwash or laundromat (or some other similar business). I make good money at my full-time job but I absolutely HATE it. I have monetary resources and an outstanding credit score for additional financing if needed. But, it's a little scary to just leave what I have and take a chance on something that I'm not sure will succeed. I'm 55 and I've been at my current job for a long time but, I want out of that hell-hole!!
I'm not sure if I went into detail on this video but I know I have on others if you've got a decent job I would say start spending time and resources on finding somebody that would be a good business partner that might have some skill sets that you don't personally have right now that would also carry the load. My business partner on my car wash operation works at a nuclear facility, so me being the independent business owner unable to counterbalance the things that he can and cannot do as well as his time availability since he's working through the week.
I'd like to purchase a Laundromat
I would of liked to get into this business. Unfortunately I invested in prism technologies group inc.
I've invested in bad deals, yet here I am.
"Would of" isn't real english xD "would have" is what you wanted to say.
You are correct. Since the revolution I fear my proper English has gone to the wayside. Only to replaced with grunts and ungodly howls that are similar to a cow being eaten alive by a prehistoric reptile.
I don't see any of these links that you talk about in the description
RUclipsrs are nothing but advertisers
Except for those of us fighting for our truths that are shadowbanned!
Trying to get that 1.5% broker fee lol
Yeah most r full of it
Fish don't fry in the kitchen beans don't burn on the grill
How do you avoid vandalism in a city like San Francisco? Was thinking a membership with key fobs to get in maybe idk please help
That is what we are going to head to at some point
I have the opportunity to buy one but it seems easy over priced and needs a lot of rehab
If it sucks, it sucks. Don't buy a bad deal.
@@InvestmentJoy how to tell though? It's unfortunate but lots of places already offer laundry machines. I noticed this laundromat had many machines but one running On a weekend. So I guess it's slow. Might be worth buying and changing it to something else and selling it all off
I got $10K. What business should I start as a middle-aged man with no business training?
save your money. If you do not have emergency money and some other savings. I would suggest you do not use that money. But if you have a truck / van and swanky neighbourhood around you. Why not pick up things people throw away. Brandon's brother runs a second hand appliance shop that repairs stuff like washer, dryers , fridges ...
What in your background can be monetized? What needs are in need of being filled in your area. Find a need, fill a need. It took me till I was 43 to figure that out and haven't looked back. Good luck!
@@pauljanicek1872 kinda well said. There was a kid that would get paid to take the bins out on garbage day and put it back. 10-20 bucks a house/month and half his neighborhood which grew later on. It was a convenience that was cheap for people and solved a problem for a lot of people.
I would start off by dollar cost averaging on broad range ETFs that solely invest in S&P 500 type of strategy. Then I would start looking in your community local to you what there is a need of. Maybe it's dumpster rentals maybe it will end up being a laundromat or car wash, maybe it's solar roof power installation all the money in the world is locked up and fulfilling other people's needs. Especially if they're really willing to pay for it
House paid off? Any debt?
What are you gonna do when there’s no water?
Open up a massage shop in Cambodia instead.
would love to view your content but the background music is too annoying to me.
interesting video style. Kinda like an info doc. Lots of knowledge being thrown around.
I'll take it as you liked it?
The population in my city is 84,000 and we only have one laundromat.
Wow, sounds like a good candidate
Yea right
Do you own upstairs ? Whats upstairs ?
yes he does, it is rented out.
There are two separate Apartments upstairs in the building
Feels illegal to be this early
DON'T BUY A GROCERY STORE... BIG MISTAKE
My grandfather owned a grocery store, it is profitable if the location is in a part of town or in a well populated rural area that doesn’t have one. If there is a dollar store, aldis, etc, don’t bother.
Laundromat for sale in Hamilton
Ohio?
How is he buying a whole building for only 5K? In addition if the building only cost 5K how much business can it really bring in?
The building was $0 on my part, In the video I talked about how I structured it as a hard money deal so I had no out-of-pocket spend.
How do I reach out to you about the lender you mentioned?
Should be link in description.
Hi 👋 i do vending
Yoh 1 month of ur profit is someones yearly salary in my country😂
Prime is 8.5%
Plus margin if you're going SBA, many are in the 2%-3% range, so long as we're talking 7a, and not 504.
summary: No one ever sells a money-making passive income item. You will have to work.
Correct but some of these businesses that aren't making money can be easily turned around. In the case of Casey where he was given two laundromats 100% seller finance. The old owner wasn't aware that his nephew was stealing tens of thousands of dollars a year from the business. He fired the nephew and immediately the business made pretty decent money
That’s not true. A lot of old people own 3-7 of these stores and they can’t keep up as they get older and are actually looking to sell.
@@vincentb2175 and they aren’t modern and there is a ton of deferred maintenance. See my original comment.
@@vincentb2175 I've talked about the deal in many videos - but we have a guy down south that got TWO with $0 out of pocket because the owner's nephew was stealing ~$65k from the collections a year, thus the owner thought they were unprofitable. Simple fixes & firing the nephew resulted in ~$125k/yr net quick.
I'm from Indonesia, can I come to work with you?
So can I do this with no money ? I work a 9-5 job and want to own my own Laundromat.
Do you even rent/sell things now? If not you sure you want a laundromat?
Did you watch the entirety of the video and understand the concepts I talked about?
Have rich friends that can be called “investors”.
Yep, all you've gotta do is join your local club. Our local one is $50/yr to join.
Hello
I am in Harrisonj twp michigan 48045 are you around my area? car wash Laundromat is what i am looking to get into thank you
im still waiting for my confirmation email from purchasing the bootcamp 👎
Email Dean At Investmentjoy Dot com - We have to use emails to find people
CASH BIZ ????
1st view🎉
Do you have Rick Astley as your lock screen
Yep
If it wasn't for tiktok or youtube, your laundrymat would not be making a profit to live off of.
I'm not sure if you're aware of it but I own seven other businesses and of everything social media is kind of in the middle of the income and I have three other businesses that make more money than I do on RUclips and tiktok.
pin?
No one interested in selling in my area.
I can guarantee you 100% of the laundromats in your area will sell to you, you're asking the wrong questions.
Start a laundromat in a third world country
No. People too crazy breaking into machines to steal coins.
People will steal anything. Invest in security
With that kind of can't-do attitude, you won't accomplish much in life.